In addition to missing Q4 revenue estimates (while beating on EPS), Boston Beer Co. (NYSE:SAM) is guiding for 2015 EPS of $7.10-$7.50, below a $7.96 consensus. Depletions and shipments are expected to rise 8%-12%, and gross margin to be in a range of 51%-53% (compares with 2014's 51.5%).

CEO Martin Roper: "In the fourth quarter we had lower sales and marketing spending and higher shipments than expected, which resulted in higher earnings than anticipated. Looking forward, we are excited, but expect the competitive environment to be tougher. We therefore anticipate the need to increase investing in advertising, promotional and selling expenses..."

The Sam Adams maker's depletions rose 13% Y/Y in Q4, a slowdown from Q3's 21%. As of Feb. 14, depletions were up 12% Y/Y in 2015.

Gross margin slipped to 50% from 51% a year ago, while ad, promotional, and selling expenses were flat. For the whole of 2014, capex totaled $151.8M. It's expected to fall to $80M-$110M in 2015.

Craft soda is starting to become a trend to watch closely, according to industry insiders.

Though still accounting for only ~1% of the total U.S. soda market, major retail chains have increasingly been willing to bet on local craft brands in store aisles.

The craft craze is old news for the beer industry where coming-of-age millennials buy craft/local beers at a 50% higher rate than brand-loyal older generations. Fading stars such as Budweiser and Bud Light are testament to the impact of the millennial paradigm.

The craft influence in coffee hasn't been lost on Starbucks which has strategically deployed trucks on college campuses in an effort to win over students.

Despite the progressive reputation of Starbucks, analysts think new upstarts such as Craft (subscription) and Cups (app) have a shot of gaining influence with the Indie-minded millennial crowd on "customization" and pricing.

What to watch: An increase in M&A activity in the beverage sector is expected as major companies strategically pick off more local craft brands to incubate.

Anheuser-Busch InBev (NYSE:BUD) has been under attack this week in the beer industry after airing a Super Bowl commercial poking fun at the craft brew craze.

Though the attacks from craft brewers were to be expected, MillerCoors (OTCPK:SBMRY, TAP) is also trying to get on the right side of the debate with new advertising saying beers should be "fussed over" - contrary to the A-B spot.

The co-founder of Elysian Brewing, which was purchased recently by A-B, didn't hold his tongue - calling the beer giant "tone-deaf" with its new angle.

The marketing team at Anheuser-Busch says it's attempting to define "macro" beer in a positive light.

In case you missed it, here's the SB commercial that has the beer industry all worked up.

Endo International (NASDAQ:ENDP) +2.9% AH on news it will join the S&P 500 later this month, replacing Covidien (NYSE:COV) after its acquisition by Medtronic (NYSE:MDT), which is expected to close next week.

Also, Boston Beer (NYSE:SAM) will take ENDP’s spot on the S&P MidCap 400, and Southside Bancshares (NASDAQ:SBSI) is tapped to join the S&P SmallCap 600.